FCP7 - Blank Viewer

Working in post on a MBP+FCP7 project with a with footage from the 5D ingested using the new canon plug in. **Camera is amazing, plug in is great, and so far has worked a treat - also love the workflow on AVID using name mangler and qtChange. (very fast & effective)**

HOWEVER: now when I open the project file in FCP the canvas remains blank. I can watch the ingested clips in the viewer, but can't playback a sequence.

Any suggestions?

I'm working with converted the native H.264 to ProRes 422 (1920x1080 25fps.)